New Telegraph

World Bank’s climate finance hits $31.7bn in 2022

The World Bank Group yesterday announced that it delivered a record $31.7 billion in fiscal year 2022 (FY22) to help countries address climate change. This is a 19 per cent increase from the $26.6 billion all-time high in financing reached in the previous fiscal year, the bank said in statement posted on its website.

The statement quoted President of the World Bank Group, David Malpass, as saying that “in our last fiscal year ending June 2022, we provided a record $31.7 billion to countries to identify and enable high-priority climate-related projects as part of their development plans. “We will continue providing solutions to pool funding from the global community for impactful and scalable projects that reduce GHG emissions, improve resilience, and enable the private sector.” According to the statement, “financing for climate action in FY’22— which covers July 1, 2021, to June 30, 2022—reached 36 per cent of total Bank Group financing. This exceeds the target set in the Group’s Climate Change Action Plan for 2021-2025 to deploy an average of 35 per cent of the institution’s financing in support of climate action.

“The International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA) together delivered $26.2 billion in FY22 in climate finance. Nearly half of that—$12.9 billion— specifically supported investments in adaptation and resilience.

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